Topic: How To Invest

The Successful Investor Hotline – Friday, October 29, 2021

Article Excerpt

SUNCOR ENERGY INC., $32.55, Toronto symbol SU, remains a buy. The company is Canada’s largest integrated oil firm, with major projects in the Alberta oil sands. Those properties should last 29 years. Suncor also operates four refineries (three in Canada and one in Colorado), along with 1,875 Petro-Canada gas stations. Oil demand and prices continue to improve as more regions lift their COVID-19 restrictions. As a result, Suncor’s average daily oil production in the three months ended September 30, 2021, rose 13.4%, to 698,600 barrels a day from 616,200 a year earlier. Revenue in the quarter also jumped 58.2%, to $10.21 billion from $6.46 billion. However, that missed the consensus forecast of $10.34 billion. Excluding unusual items, Suncor earned $1.04 billion, or $0.71 a share, in the quarter, matching the consensus estimate. A year earlier, it lost $338 million, or $0.22 share. Cash flow per share jumped 135.5%, to $1.79 from $0.76. Thanks to its improving earnings, Suncor will double your quarterly dividend. Starting with…